International Bank of Qatar (IBQ) has posted a net profit of QR487.5mn in nine months up to September, up 13% on the same period last year. 
The bank’s total assets stood at QR30.6bn, while customer loans and advances increased by 3% to QR22.5bn in September. 
Customer deposits increased by 8% (compared to first nine months of 2017) to QR 21.4bn at the end of the third quarter this year. 
Net operating income stood at QR711.4mn in September, up 8% on the same period last year.
“These strong results are driven by core underlying business flows emanating from a strong client franchise. All business segments generated a positive year-on-year total income performance, which contributed to the overall net profit increase and a significant improvement in cost income ratios. Should we include one off items, of an exceptional nature, the net profit growth was actually much higher, reaching 28%,” IBQ said in a statement yesterday.
On IBQ’s nine-month performance, managing director Omar Bouhadiba said, “The positive revenue momentum is very strong, supported by our exceptional client franchise. Our balance sheet remains well capitalised, and our asset quality strong. 
“Net profits and operating income showed healthy year-on-year growth. More important than the actual growth, it is the quality and sustainability of our revenue stream, which really matters. Our long-term objective has always been to deliver sustainable double digit net profits growth and high single digit operating income growth. The support and loyalty of our clients is critical to achieve these goals. Cost management was disciplined as always. In fact, tightly controlled expenses resulted in a significant improvement in cost income ratios. All operating ratios have improved.
“These results prove yet again the high quality of IBQ’s business, supported by our customer’s loyalty, a dedicated team and the continuous support from our board, shareholders and the Qatar Central Bank,” Bouhadiba added.